欧盟碳市场发展历程及对中国碳市场建设的启示

Revelation on China’s Carbon Market Development based on theHistory of the EU Carbon Market

欧盟碳市场于2005年正式开始运行,经过17年的分阶段建设完善,已成为目前全球范围内纳入行业最广、机制最规范成熟、交易规模最大的碳市场,但其发展历程中也存在由于配额供求严重失衡等引起的碳价大幅震荡甚至崩溃的市场失灵现象。在梳理欧盟碳市场发展历程及市场表现的基础上,分析了欧盟碳市场的主要成就及不足。借鉴欧盟碳市场经验,建议中国碳市场:①设置分阶段路线图,有效引导市场预期;②夯实数据基础,有序扩大覆盖范围;③配额总量设定适度从紧,设置必要柔性机制;④配额分配优先采用基准法,由免费分配逐步过渡到有偿分配;⑤有序推进碳市场金融化,逐步发展成具有金融属性和投资价值的复合型市场。

The EU carbon market kicked off since 2005.After 17 years of development and improvement by stages,it has become a carbon market with the broadest sectors,the maturest mechanism and the largest transaction size in the world.However,during its development,carbon prices used to fluctuate dramatically and even collapse and market failure also occurred due to the obvious imbalance in terms of quota supply and demand.Based on the analysis on the development history and market performance of the EU carbon market,this paper discusses the major achievements and drawbacks of the EU carbon market.By drawing on the experience of the EU carbon market,this paper offers suggestions for China’s carbon market as follows.First,China shall set up the road map by stages and guide market expectation in an effective manner;second,China shall consolidate data basis and expand coverage in an orderly fashion;third,the total quota shall be set moderately tight with necessary flexible mechanisms;fourth,with respect to quota allocation,China shall prioritize reference method and transition from free allocation to paid allocation;fifth,China shall advance the financial development of carbon market and gradually develop it into a co mposite market with financial and investment value.